- 毛利率代表著產品的競爭優勢, 要和同一個產業做比較. 如果毛利率很低的話, 就要看公司的營收規模是否夠大
- 毛利率從谷底回升, 或許就是開始反轉的訊號
- 營益率代表著公司的經營效率
- 在不大幅舉債的前提下, ROE可以看出公司的經營品質
- 穩定或持續提升的毛利率和營益率十分重要, 要當心持續下滑的毛利率和營益率
- 本業收入比高的公司, 才容易預估財測, 值得花心力去研究
- 無形資產佔總資產比高的公司, 可能代表這家公司是透過併購來成長. 但如果佔比高的不合理, 則要當心
- 併購後有沒有發揮1+1>2, 營益率是一個很好的觀察指標
- 要檢視ROE上升或下滑的原因, 根據杜邦分析不外乎是利潤率, 營收, 財務槓桿的增減
- 租賃業要觀察延滯率(在銀行稱為逾放比率)的變化. 如果越來越多客戶拖延還錢(延滯率上升), 就代表接下來放款的錢也會變少(放款率下降)
| 營業毛利率 QoQ YoY | 營業利益率 QoQ YoY | 稅前淨利率 QoQ YoY | 稅後淨利率 QoQ YoY | 股東權益報酬率 QoQ YoY | 資產報酬率 QoQ YoY | 總資產周轉率 QoQ YoY | EBITDA利潤率 QoQ YoY | 財務槓桿 QoQ YoY | 本業收入比 QoQ YoY | 業外獲益比 QoQ YoY | 用人費用率 QoQ YoY | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q4 (20) | 25.86 | 10.09 | 1.81 | 7.42 | 210.46 | -18.19 | 7.16 | 4.53 | -8.21 | 7.06 | 1.88 | -9.49 | 2.16 | 7.46 | -47.7 | 1.37 | 4.58 | -36.87 | 0.18 | 0.0 | -33.33 | 12.05 | -9.13 | 3.61 | 60.42 | -16.55 | -27.84 | 103.17 | 187.8 | -10.5 | -3.17 | -104.81 | 80.95 | 17.41 | 7.27 | 13.42 |
| 23Q3 (19) | 23.49 | -5.78 | 3.21 | 2.39 | -45.18 | -73.12 | 6.85 | -20.07 | -43.29 | 6.93 | -19.14 | -42.63 | 2.01 | -18.95 | -72.5 | 1.31 | -18.63 | -62.57 | 0.18 | 0.0 | -37.93 | 13.26 | -3.35 | -16.29 | 72.40 | 38.75 | -33.65 | 35.85 | -29.42 | -51.44 | 66.04 | 34.21 | 152.36 | 16.23 | -11.94 | 15.52 |
| 23Q2 (18) | 24.93 | 1.63 | 6.45 | 4.36 | -50.29 | -51.39 | 8.57 | -0.7 | -16.39 | 8.57 | -0.7 | -16.55 | 2.48 | -28.12 | -60.94 | 1.61 | -21.46 | -46.86 | 0.18 | -21.74 | -37.93 | 13.72 | 7.61 | -0.36 | 52.18 | -17.45 | -54.85 | 50.79 | -50.51 | -41.76 | 49.21 | 3839.68 | 284.7 | 18.43 | 27.02 | 17.24 |
| 23Q1 (17) | 24.53 | -3.43 | 7.87 | 8.77 | -3.31 | -0.11 | 8.63 | 10.64 | -11.03 | 8.63 | 10.64 | -10.75 | 3.45 | -16.46 | -41.23 | 2.05 | -5.53 | -22.93 | 0.23 | -14.81 | -14.81 | 12.75 | 9.63 | -3.26 | 63.21 | -24.51 | -42.87 | 102.63 | -10.97 | 13.35 | -1.32 | 92.11 | -113.91 | 14.51 | -5.47 | -4.03 |
| 22Q4 (16) | 25.40 | 11.6 | 3.89 | 9.07 | 2.02 | 50.17 | 7.80 | -35.43 | 26.42 | 7.80 | -35.43 | 20.18 | 4.13 | -43.5 | 7.27 | 2.17 | -38.0 | 29.94 | 0.27 | -6.9 | 8.0 | 11.63 | -26.58 | 17.12 | 83.73 | -23.27 | -40.45 | 115.28 | 56.14 | 18.02 | -16.67 | -163.69 | -816.67 | 15.35 | 9.25 | -20.96 |
| 22Q3 (15) | 22.76 | -2.82 | 21.52 | 8.89 | -0.89 | 86.37 | 12.08 | 17.85 | 133.2 | 12.08 | 17.62 | 142.08 | 7.31 | 15.12 | 141.25 | 3.50 | 15.51 | 157.35 | 0.29 | 0.0 | 11.54 | 15.84 | 15.03 | 76.0 | 109.12 | -5.58 | -19.8 | 73.83 | -15.34 | -19.25 | 26.17 | 104.59 | 205.3 | 14.05 | -10.62 | -5.58 |
| 22Q2 (14) | 23.42 | 2.99 | 32.99 | 8.97 | 2.16 | 531.69 | 10.25 | 5.67 | 807.08 | 10.27 | 6.2 | 808.85 | 6.35 | 8.18 | 940.98 | 3.03 | 13.91 | 791.18 | 0.29 | 7.41 | 16.0 | 13.77 | 4.48 | 154.06 | 115.57 | 4.45 | -10.47 | 87.21 | -3.68 | -23.69 | 12.79 | 35.22 | 144.77 | 15.72 | 3.97 | -9.13 |
| 22Q1 (13) | 22.74 | -6.99 | 27.47 | 8.78 | 45.36 | 5753.33 | 9.70 | 57.21 | 349.07 | 9.67 | 49.0 | 388.38 | 5.87 | 52.47 | 552.22 | 2.66 | 59.28 | 432.0 | 0.27 | 8.0 | 22.73 | 13.18 | 32.73 | 84.59 | 110.65 | -21.3 | -0.49 | 90.54 | -7.3 | 895.95 | 9.46 | 306.76 | -89.59 | 15.12 | -22.14 | -23.75 |
| 21Q4 (12) | 24.45 | 30.54 | 23.92 | 6.04 | 26.62 | 353.78 | 6.17 | 19.11 | 263.23 | 6.49 | 30.06 | 271.69 | 3.85 | 27.06 | 363.7 | 1.67 | 22.79 | 322.67 | 0.25 | -3.85 | 13.64 | 9.93 | 10.33 | 477.33 | 140.60 | 3.34 | 34.76 | 97.67 | 6.83 | 46.51 | 2.33 | -72.87 | -94.19 | 19.42 | 30.51 | -17.54 |
| 21Q3 (11) | 18.73 | 6.36 | -13.65 | 4.77 | 235.92 | 1000.0 | 5.18 | 358.41 | 378.49 | 4.99 | 341.59 | 368.28 | 3.03 | 396.72 | 559.09 | 1.36 | 300.0 | 440.0 | 0.26 | 4.0 | 13.04 | 9.00 | 66.05 | 118.45 | 136.06 | 5.4 | 149.38 | 91.43 | -20.0 | 220.0 | 8.57 | 130.0 | -88.0 | 14.88 | -13.99 | -36.33 |
| 21Q2 (10) | 17.61 | -1.29 | -6.48 | 1.42 | 846.67 | 108.64 | 1.13 | -47.69 | 108.37 | 1.13 | -42.93 | 108.37 | 0.61 | -32.22 | 117.28 | 0.34 | -32.0 | 114.91 | 0.25 | 13.64 | 47.06 | 5.42 | -24.09 | 204.43 | 129.09 | 16.1 | 141.29 | 114.29 | 1157.14 | -6.49 | -28.57 | -131.43 | -28.57 | 17.30 | -12.76 | 0 |
| 21Q1 (9) | 17.84 | -9.58 | -3.04 | 0.15 | 106.3 | 100.93 | 2.16 | 157.14 | 114.84 | 1.98 | 152.38 | 113.6 | 0.90 | 161.64 | 123.44 | 0.50 | 166.67 | 120.24 | 0.22 | 0.0 | 29.41 | 7.14 | 315.12 | 201.71 | 111.19 | 6.58 | 113.01 | 9.09 | -86.36 | -91.9 | 90.91 | 127.27 | 1031.82 | 19.83 | -15.8 | -42.3 |
| 20Q4 (8) | 19.73 | -9.04 | 426.13 | -2.38 | -349.06 | 93.53 | -3.78 | -103.23 | 90.61 | -3.78 | -103.23 | 90.81 | -1.46 | -121.21 | 87.67 | -0.75 | -87.5 | 90.38 | 0.22 | -4.35 | 15.79 | 1.72 | -58.25 | 105.35 | 104.33 | 91.22 | 89.35 | 66.67 | 133.33 | -26.98 | 40.00 | -44.0 | 360.0 | 23.55 | 0.77 | -28.11 |
| 20Q3 (7) | 21.69 | 15.19 | 163.23 | -0.53 | 96.78 | 98.45 | -1.86 | 86.22 | 93.52 | -1.86 | 86.22 | 93.35 | -0.66 | 81.3 | 88.36 | -0.40 | 82.46 | 89.72 | 0.23 | 35.29 | 64.29 | 4.12 | 179.38 | 123.22 | 54.56 | 1.98 | 18.71 | 28.57 | -76.62 | -76.14 | 71.43 | 421.43 | 461.9 | 23.37 | 0 | -34.87 |
| 20Q2 (6) | 18.83 | 2.34 | 8.78 | -16.44 | -2.05 | 48.4 | -13.50 | 7.28 | 61.46 | -13.50 | 7.28 | 62.5 | -3.53 | 8.07 | 36.85 | -2.28 | 7.69 | 42.28 | 0.17 | 0.0 | 54.55 | -5.19 | 26.07 | 75.75 | 53.50 | 2.49 | 35.89 | 122.22 | 8.94 | 34.8 | -22.22 | -127.78 | -338.1 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 18.40 | 390.67 | 79.86 | -16.11 | 56.19 | 50.57 | -14.56 | 63.82 | 50.93 | -14.56 | 64.6 | 51.14 | -3.84 | 67.57 | 15.23 | -2.47 | 68.33 | 26.27 | 0.17 | -10.53 | 41.67 | -7.02 | 78.17 | 58.06 | 52.20 | -5.26 | 37.3 | 112.20 | 22.88 | 1.29 | -9.76 | -212.2 | -5.69 | 34.37 | 4.91 | -10.8 |
| 19Q4 (4) | 3.75 | -54.49 | 0.0 | -36.77 | -7.61 | 0.0 | -40.24 | -40.26 | 0.0 | -41.13 | -47.1 | 0.0 | -11.84 | -108.82 | 0.0 | -7.80 | -100.51 | 0.0 | 0.19 | 35.71 | 0.0 | -32.16 | -81.29 | 0.0 | 55.10 | 19.89 | 0.0 | 91.30 | -23.75 | 0.0 | 8.70 | 144.06 | 0.0 | 32.76 | -8.7 | 0.0 |
| 19Q3 (3) | 8.24 | -52.4 | 0.0 | -34.17 | -7.25 | 0.0 | -28.69 | 18.1 | 0.0 | -27.96 | 22.33 | 0.0 | -5.67 | -1.43 | 0.0 | -3.89 | 1.52 | 0.0 | 0.14 | 27.27 | 0.0 | -17.74 | 17.1 | 0.0 | 45.96 | 16.74 | 0.0 | 119.74 | 32.06 | 0.0 | -19.74 | -311.47 | 0.0 | 35.88 | -17.21 | 0.0 |
| 19Q2 (2) | 17.31 | 69.21 | 0.0 | -31.86 | 2.24 | 0.0 | -35.03 | -18.07 | 0.0 | -36.00 | -20.81 | 0.0 | -5.59 | -23.4 | 0.0 | -3.95 | -17.91 | 0.0 | 0.11 | -8.33 | 0.0 | -21.40 | -27.84 | 0.0 | 39.37 | 3.55 | 0.0 | 90.67 | -18.15 | 0.0 | 9.33 | 201.11 | 0.0 | 43.34 | 12.48 | 0.0 |
| 19Q1 (1) | 10.23 | 0.0 | 0.0 | -32.59 | 0.0 | 0.0 | -29.67 | 0.0 | 0.0 | -29.80 | 0.0 | 0.0 | -4.53 | 0.0 | 0.0 | -3.35 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | -16.74 | 0.0 | 0.0 | 38.02 | 0.0 | 0.0 | 110.77 | 0.0 | 0.0 | -9.23 | 0.0 | 0.0 | 38.53 | 0.0 | 0.0 |
| 營業毛利率 YoY | 營業利益率 YoY | 折舊負擔比率 YoY | 稅前淨利率 YoY | 稅後淨利率 YoY | 股東權益報酬率 YoY | 資產報酬率 YoY | 總資產周轉率 YoY | EBITDA利潤率 YoY | 財務槓桿 YoY | 本業收入比 YoY | 業外獲益比 YoY | 無形資產佔總資產比 YoY | 用人費用率 YoY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 (10) | 24.73 | 4.66 | 5.91 | -33.82 | 3.96 | 36.32 | 7.80 | -21.53 | 7.79 | -21.63 | 10.39 | -51.67 | 6.38 | -40.21 | 0.79 | -24.76 | 12.87 | -5.16 | 60.42 | -27.84 | 75.78 | -15.74 | 24.22 | 140.76 | 0.57 | 0.95 | 16.57 | 10.1 |
| 2022 (9) | 23.63 | 18.74 | 8.93 | 162.65 | 2.91 | -13.98 | 9.94 | 156.19 | 9.94 | 156.19 | 21.50 | 156.26 | 10.67 | 168.09 | 1.05 | 8.25 | 13.57 | 70.05 | 83.73 | -40.45 | 89.94 | 1.72 | 10.06 | -20.36 | 0.56 | 8.42 | 15.05 | -15.16 |
| 2021 (8) | 19.90 | 0.51 | 3.40 | 0 | 3.38 | -41.74 | 3.88 | 0 | 3.88 | 0 | 8.39 | 0 | 3.98 | 0 | 0.97 | 42.65 | 7.98 | 0 | 140.60 | 34.76 | 88.42 | -13.31 | 12.63 | 0 | 0.52 | -13.36 | 17.74 | -37.03 |
| 2020 (7) | 19.80 | 118.78 | -7.68 | 0 | 5.80 | -38.3 | -7.54 | 0 | -7.54 | 0 | -9.19 | 0 | -5.00 | 0 | 0.68 | 17.24 | -0.83 | 0 | 104.33 | 89.35 | 102.00 | 1.14 | -2.00 | 0 | 0.60 | -26.58 | 28.17 | -23.78 |
| 2019 (6) | 9.05 | -38.85 | -34.21 | 0 | 9.40 | 73.69 | -33.99 | 0 | -34.33 | 0 | -27.59 | 0 | -19.56 | 0 | 0.58 | -17.14 | -23.03 | 0 | 55.10 | 109.11 | 100.85 | -10.81 | -0.56 | 0 | 0.81 | -50.91 | 36.96 | 51.79 |
| 2018 (5) | 14.80 | 36.53 | -13.67 | 0 | 5.41 | -17.7 | -12.09 | 0 | -13.89 | 0 | -12.80 | 0 | -9.59 | 0 | 0.70 | 20.69 | -5.76 | 0 | 26.35 | -30.18 | 113.07 | 22.24 | -13.07 | 0 | 1.66 | 0 | 24.35 | 6.42 |
| 2017 (4) | 10.84 | 5.24 | -17.04 | 0 | 6.58 | 27.13 | -18.43 | 0 | -17.31 | 0 | -14.31 | 0 | -9.84 | 0 | 0.58 | -7.94 | -10.66 | 0 | 37.74 | -17.72 | 92.50 | 0.63 | 7.50 | -7.13 | 0.00 | 0 | 22.88 | 0.31 |
| 2016 (3) | 10.30 | 93.97 | -18.06 | 0 | 5.17 | -24.29 | -19.65 | 0 | -17.74 | 0 | -17.74 | 0 | -10.97 | 0 | 0.63 | 46.51 | -12.96 | 0 | 45.87 | -33.55 | 91.92 | 0 | 8.08 | -95.26 | 0.00 | 0 | 22.81 | -27.38 |
| 2015 (2) | 5.31 | -50.6 | -30.04 | 0 | 6.84 | 52.46 | 42.70 | 0 | 35.11 | 0 | 29.31 | 0 | 15.42 | 0 | 0.43 | -32.81 | 51.90 | 0 | 69.03 | -49.62 | -70.37 | 0 | 170.22 | 0 | 0.00 | 0 | 31.41 | 41.74 |
| 2014 (1) | 10.75 | 0 | -11.48 | 0 | 4.48 | 24.53 | -9.34 | 0 | -9.25 | 0 | -13.57 | 0 | -5.51 | 0 | 0.64 | -7.25 | -3.80 | 0 | 137.03 | 10.75 | 122.92 | -0.29 | -22.92 | 0 | 0.00 | 0 | 22.16 | -18.29 |
